Estate valuation: It’s not a simple process

It is a phrase often heard by an heir hunter when visiting a potential beneficiary, “he didn’t have anything to leave, I suppose I may get a pound!” Of course the probate genealogists don’t know the value of an estate until an application has been made to the treasury but they hope that it will be worth more than a pound and usually is, so it is worth an heir considering what actually makes up an estate.

An estate is made up of anything that has a value not just a house or cash in the bank, including many things the heir may not know the deceased possessed, like personal belongings, furniture, cars, shares, trusts, pensions that include a ‘lump sum’ payment on death or a pay out from a life insurance policy.

Many people have more than one bank account, and often have small amounts in accounts they no longer use. For example if the deceased had an on line betting account there may be cash left in it which would form part of the estate and be a benefit to any heirs.

A beneficiary may not have realised that the old books the deceased owned may contain rare and valuable editions, or that their vinyl record collection is actually worth hundreds or even thousands of pounds. What about that box of old toys in the attic? Does it contain rare and collectable items? The old sideboard that actually turns out to be an antique, or an old and collectable car in the garage that was stored many years before and never used again, all could have great value and would form part of the estate to be inherited. An amazing example of this is the 1937 Bugatti Type 57S Atalante Coupe which was bought by a British doctor in 1955, then stored in his garage in the early 1960s. After his death in December 2008, family members unearthed the car, which they sold in unrestored condition for over £2 million. Quite a result for his heirs.

Even if some of those physical possessions may be known about and obvious, it is unlikely that a beneficiary would have known all about the deceased’s financial arrangements or indeed of their value. It is worth searching through paperwork and attempting to trace any of these things. Apparently there are more than £15 billion pounds of unclaimed financial assets in the UK lying in old bank accounts, pensions, life assurance and investments. There’s so much lost cash, the Government has, set up a ‘Big Society’ fund for social and community causes using cash in accounts that have been dormant for more than 15 years. If you are a potential beneficiary you will want that money to form part of the estate you are inheriting.

The downside is inheritance tax which is payable on the value of the estate over £325,000 and is a scandalously high 40%. But if your inheritance comes from an unexpected source this, like the heir hunter’s fees, won’t really be a consideration, after all 80% of something you would otherwise not have had is surely better than nothing?

So when the heir hunter calls beneficiaries shouldn’t dismiss the potential of an unexpected inheritance. The relative who the heir thought had nothing may well have had more than was apparent. The probate genealogy company will work on the beneficiary’s behalf to sort out any problems with the estate and the inheritance and ensure that heirs are reunited with their rightful inheritance.

Finders have been awarded the ISO 9001:2008 Total Quality Management certification and are the first probate genealogy firm to achieve the international version of this Standard as devised by the IAB (International Accreditation Board). Finders also provide missing beneficiary insurance, which protects trustees and administrators against the event of an unknown beneficiary emerging after an estate, has been distributed. As agents for Aviva they are regulated by the Financial Services Authority.

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Probate Property Sales & Services
We offer to manage a property for the estate administrator or client including handling all the legal work, searches, and the sale of the property. This saves considerable time, effort, and expense and minimises risk by using a tried, trusted, and compliant network.

UK Missing Asset Service
Our new and improved UK asset search draws together all the resources that can currently be checked for unclaimed or missing assets and will help you check for funds that may have been overlooked or deposited in accounts that have been forgotten.

Missing Will Service
If you are dealing with an Intestacy but need to check for a Will, or you hold a Will and are unsure if a more recent Will was made, Finders can help with our thorough and inexpensive, insurance approved Will searches.

Overseas Bankruptcy Searches
Before making distribution of estate funds to beneficiaries, it is strongly advised to run an international and domestic bankruptcy search against each heir in line to inherit for the protection of the Personal Representatives. Overseas cases are not always straightforward, and this is where Finders International takes over the reins and provides you with the best practices and specialists in this area.

International Asset Service
Our International Asset Service provides consultative and practical support to private clients and Wills and probate practitioners. We offer a variety of services to help deal with the existence of foreign assets, including helping to sell, transfer or recover a range of overseas assets including shares, bank accounts, and investment portfolios, assisting estates with the necessary administrative and legal paperwork.

Insurance (including missing bene cover)
Finders are the longest standing provider of AVIVA online policies and can arrange Missing Beneficiary Insurance, Missing Will Insurance, and comfort policies. We have a convenient ‘self-approval’ arrangement with AVIVA and can arrange policies without delay. Once our report is completed, we can apply for and obtain draft policies for your consideration instantly.

Distribution schedule preparation

Once the final estate value has been established we will be happy to prepare a distribution schedule outlining the monies due to each of the heirs

We wish to ensure all of our business and beneficiary clients that Finders International remains open and you should see no loss of continuity in the level of service and support received.

The health and wellbeing of our staff and members of the public remains at the forefront of our planning and we have responded to government updates and fully implemented all relevant government advice. Social distancing obligations have been relayed to all staff and representatives and are being observed in accordance with government advice. The vast majority of our team are now working remotely with complete access to our bespoke computer systems thanks to innovative systems created over the years and in line with emergency procedures. These systems continue to adhere to data protection legislation and all clients should remain confident we continue to safeguard their information accordingly.

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UK Probate Research Awards 2019 & 2020

Finders International were proud recipients of awards at the 2019 and 2020 ceremonies, including ‘Best UK Probate Research Firm’.

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Finders International are certified in ISO 9001 which sets out the criteria for a quality management system and demonstrates our commitment to providing continual improvement of our customer’s requirements.

Public Sector Development Managers

Dave worked in several diverse local authorities undertaking the statutory role of providing funerals under the Public Health Act. He was responsible for registering deaths, making funeral arrangements, liaising with next of kin and all other duties falling into this sphere. Working in social care, Dave was also responsible for acting as deputy under the Mental Capacity Act for people who lacked the capacity to manage their own financial affairs. Having taken redundancy from his last local authority due to an internal restructuring following cost cutting measures, Dave started working with Finders International in May 2017 developing their business with local authorities. Please feel free to call at 07753306885 or contact him at [email protected]

Elaine Ridley has recently joined Finders International as Public Sector Development Manager, having extensive experience of working for and managing public services.

Formerly employed by a local authority as Coroner’s Service Manager, she has 14 years’ experience. While working in Ireland, she also trained and subsequently volunteered with Cruse Bereavement Care, providing bereavement support for six years.

Prior to this post, Elaine was the Family Liaison in a large physical and mental health NHS Foundation Trust. Providing a consistently high standard of support to families, carers and service users through Serious Incident or Complaint Investigations, she also developed training and presented locally and nationally on the importance of engaging effectively with families.

As with all Finders International Public Sector staff, Elaine is here to help, advise and support the work of hard pressed Bereavement Services Officers at NHS Trusts, Coroners and Local Authorities. Please feel free to call at 07498 322139 or contact her at [email protected].